Unemployment Bump From Shutdown Hits Many Groups
By The Associated Press
The 16-day partial government shutdown is being blamed for the first increase in the U.S. unemployment rate since May.
Nationally, the rate ticked up to 7.3 percent last month from 7.2 percent in September. And most say the reason is because hundreds of thousands of furloughed federal workers were temporarily counted as unemployed.
The increase appeared to affect a broad range of workers, likely reflecting the diversity of the federal government's workforce. Unemployment rose for white men, black women and Hispanic workers of both sexes. It also increased for college graduates, workers with some college experience and high school dropouts.Despite the distortion from the shutdown, a few groups experienced drops in unemployment last month. For those workers with only a high school diploma, unemployment fell to a post-recession low of 7.3 percent. Many of the jobs created last month were in fields that may not require college degrees, including manufacturing, restaurants and construction. Another group with lower unemployment last month was young adults: those between the ages of 20 and 24. Still, the rate for those workers remains fairly high at 12.5 percent. The national rate is expected to fall back down again in November, and many of the subcategories should follow. Here are more details from the government's report: Unemployment rates for:(Numbers in percentages)October 2013September 2013October 2012White:18.104.22.168Black:13.112.914.5Hispanic:9.19.010.0Asian*:22.214.171.124Adult men:7.07.17.3Adult women:126.96.36.199Teenagers:22.221.423.720-24 years old:12.512.913.225-54 years old:188.8.131.525 and over:184.108.40.206Veterans of Iraq/Afghanistan*:10.010.110.0No high school diploma:10.910.312.2High school graduate:220.127.116.11Some college:6.36.07.0College graduates:18.104.22.168Duration of UnemploymentAverage length (weeks):36.136.939.9Jobless 6 months or more (pct.):36.136.940.8* not seasonally adjustedSource: Labor Department
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts